the Project is initiated by Ranil Wickremesinghe, the then Prime Minister in 2002. But the construction was not set because the contractor from Singapore gave up for lack of money. The construction was set to begin in March 2011 but due to several circumstances the project was stopped. In mid 2012, the Sri Lankan Port Authority, better known as SLPA, announced that the construction of the Colombo Port City project would commence on 17 September 2014. The budget is estimated to be 15 billion US dollars.[5]

The reclamation will be carried out by China Harbor Engineering Corporation, who has been engaged by the investor. The investor itself is expected put in another 2.5 billion US dollars into developing the land. The balance will be sold on 99-year leases to potential investors.

The construction of the proposed port city is expected to be completed in 39 months, after commencement of works in September 2014.[6]

According to sources, the project will approximately reclaim around 230 hectares which will be funded by a foreign investor. The plan has been given approval by the Standing Cabinet Appointed Review Committee (SCARC) and the port city will include roads, water, electricity, communication facilities to set up shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas and marinas.

Master Divers was given the contract to forward a soil report for this project which in turn was handed over to the Chinese company to go ahead with construction. Chairman of Master Divers, Ariyaseela Wickramanayake said that they had conducted underwater surveys and other tests to identify the site for the project and the construction of the artificial island had begun.[7]

Construction of the Colombo Port City project was launched on 17 September 2014 by Sri-Lankan President Mahinda Rajapaska and the Chinese President Xi Jinping.[8]

The New Port City is to include a new Formula One track, constructed in the vicinity of the Colombo Harbour. According to Dr. Priyath Wickrama, the Chairman of the Sri Lanka Ports Authority, says an F1 track will “definitely” be a part of the New Port City. The circuit is to be located in the city whilst allowing for maximum leeway for commercial activities.[3]